According to a regulatory filing, Adani Harbour Services, which is a wholly owned subsidiary of Adani Ports, has incorporated another subsidiary in Singapore called Port Harbour Services International.
The paid up share capital for this company is $1000 and is divided into 1000 shares. After Gautam Adani announced the cancellation of India's biggest FPO worth Rs 20,000 crore, Adani Ports' stocked further tanked by 2.7 per cent on Thursday.
So far the Adani Group has lost more than $100 billion, after a Hindenburg Research report claimed that it used overseas shell firms to inflate stocks. Currently Credit Suisse and Citigroup have stopped accepting Adani securities as collateral for loans. Its bonds have also entered distressed territory in the US, while SEBI has reportedly started looking into its FPO.
(To receive our E-paper on WhatsApp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)
